Former Bank of England governor Mervyn King has warned another financial crisis is 'certain' and will come 'sooner rather than later'.

King, boss of the UK's central bank between 2003 and 2013, believes the world economy will soon face another crash as regulators have failed to reform banking.

He also claimed that the 2008 crisis was the fault of the financial system, not individual greedy bankers, in his new book, The End Of Alchemy: Money, Banking And The Future Of The Global Economy, serialised in The Telegraph.

Mervyn King: 'The crisis was a failure of a system, and the ideas that underpinned it, not of individual policymakers or bankers'

'Without reform of the financial system, another crisis is certain, and the failure ... to tackle the disequilibrium in the world economy makes it likely that it will come sooner rather than later,' according to Lord King.

A remark from a Chinese colleague who said the West had not got the hang of money and banking was the inspiration for his book.